Business

Tea industry projected to fulfil 2020 target despite pandemic

Vietnam’s tea industry is projected to meet the targets set for this year and earn total revenue of some 522 million USD, with green tea making up 51 percent and black tea 48 percent.
Tea industry projected to fulfil 2020 target despite pandemic ảnh 1Vietnam’s tea industry is projected to meet the targets set for this year and earn total revenue of some 522 million USD (Photo: congthuong.vn)

Hanoi (VNA) - Vietnam’s tea industry isprojected to meet the targets set for this year and earn total revenue of some 522million USD, with green tea making up 51 percent and black tea 48 percent.

According to the Vietnam Tea Association, Vietnamshipped 124,000 tonnes abroad via official channels in the first 11 months of2020, a year-on-year increase of 1.3 percent. Export revenue stood at 201million USD, down 5.5 percent against the same period last year.

The figure for the year as a whole is estimated toreach 135,000 tonnes, with revenue of 220 million USD.

Tea exports saw rising volumes but declining valueas the export price fell 7.4 percent to 1,621 USD per tonne from 1,750 USD lastyear.

Domestic consumption is forecast to stand at 45,000tonnes this year, raking in 315 million USD.

The sector has been challenged this year by varioushardships triggered by COVID-19, with disrupted supply, export contracts delayed,and lower tea prices sought, while transport costs remain high.

Companies are seeking ways to bolster domesticconsumption to offset the difficulties in exports./.

VNA
#Vietnam’s tea industry #Vietnam Tea Association #tea exports #Domestic consumption #vietnamplus #vietnam news agency
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